Silicon Labs Reports Third Quarter 2023 Results

Note to editors: Silicon Laboratories, Silicon Labs, the "S" symbol, and the Silicon Labs logo are trademarks of Silicon Laboratories Inc. All other product names noted herein may be trademarks of their respective holders. 

 

Silicon Laboratories Inc.
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)



Three Months Ended


Nine Months Ended


September 30,
2023


October 1,
2022


September 30,
2023


October 1,
2022

Revenues

$203,760


$269,817


$695,413


$766,781

Cost of revenues

84,735


104,232


278,753


281,521

Gross profit

119,025


165,585


416,660


485,260

Operating expenses:








   Research and development

79,042


84,624


254,340


245,677

   Selling, general and administrative

27,766


50,738


113,363


144,398

Operating expenses

106,808


135,362


367,703


390,075

Operating income

12,217


30,223


48,957


95,185

Other income (expense):








   Interest income and other, net

2,938


4,672


15,554


9,616

   Interest expense

(1,359)


(1,527)


(4,611)


(4,874)

Income before income taxes

13,796


33,368


59,900


99,927

Provision for income taxes

3,388


14,188


23,479


36,871

Equity-method earnings (loss)

(60)


1,819


(1,150)


2,985

Net income

$   10,348


$  20,999


$  35,271


$  66,041









Earnings per share:








   Basic

$      0.33


$      0.62


$      1.11


$      1.84

   Diluted

$      0.32


$      0.60


$      1.07


$      1.79









Weighted-average common shares outstanding:








   Basic

31,796


34,079


31,789


35,935

   Diluted

32,078


34,779


32,919


36,968


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